Companies Act 2019

PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

Question

State the legal principles you would take into consideration in resolving the following legal matters that have come to your attention.

(a) Mr. Nkumsah is majority shareholder and Chairman of the Board of Directors of Nkumsah Trading Ltd, which has an account with you for the past twenty years. The company issued debentures secured by a floating charge over the company’s assets three years ago. Mr. Nkumsah has 60% shares in the company and is also the sole signatory of the account. Nkumsah Trading Ltd. was established with a registered constitution with the objects of importing medical equipment and ancillary materials. He has applied for a loan of GHC 400,000 for the importation of baby pampers as he claims baby pampers move faster than medical equipment. In appraising the facility, your attention is drawn to the fact that since the company has incorporated with registered objects the company must amend the constitution to enable the company to undertake the new venture. In your discussion with him he asks you of advice of how he could amend the objects of the company’s constitution to enable him to enter into the new venture. He also asks you

what legal difficulties may arise if he engaged in business outside the established objects of the company. [10 Marks]

(b) Secondly Mr. Nkumsah has a cheque payable to a sister company Jamsah Ltd., in which he has shareholding of 50%. His lifelong friend owns the remaining 50%. You advise him that it is a company policy not to credit a cheque payable to a company into a personal account of a director or employee of that company. He argues with you and tells you that since he is the one of the key shareholders he has the right to do so as it is an internal arrangement for him to undertake a specified transaction for the company. [10 Marks]

[Total marks: 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cheque crediting policies, Companies Act 2019, Company constitution amendment, Director Authority, Shareholder Rights, Ultra vires transactions
Level: Level 3

Topic: Ultra Vires Doctrine
Series: OCT 2022

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

Question

c) Distinguish between Annual General Meeting and Extraordinary General Meeting of a company.

(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual General Meeting, Companies Act 2019, Extraordinary General Meeting
Level: Level 1

Topic: Company Meetings and Resolutions
Series: APR 2022

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

Question

a) One of the key officers of a company who keeps the books and records, is the company secretary. The Companies Act, 2019 (Act 992) compels the appointment of a company secretary on certain qualifications.

Required:

i) State THREE (3) qualification requirement for the appointment of company secretary as stipulated in the Companies Act, 2019 (Act 992). (6 marks)

ii) List THREE (3) offences and related legal wrongs that automatically disqualifies a fraudulent person from appointment as a director of a company. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Act 2019, Company Secretary, Corporate Governance, Director Qualifications
Level: Level 1

Topic: Company directors and other officers
Series: APR 2022

PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

Question

State the legal principles you would take into consideration in resolving the following legal matters that have come to your attention.

what legal difficulties may arise if he engaged in business outside the established objects of the company. [10 Marks]

[Total marks: 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cheque crediting policies, Companies Act 2019, Company constitution amendment, Director Authority, Shareholder Rights, Ultra vires transactions
Level: Level 3

Topic: Ultra Vires Doctrine
Series: OCT 2022

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

Question

c) Distinguish between Annual General Meeting and Extraordinary General Meeting of a company.

(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual General Meeting, Companies Act 2019, Extraordinary General Meeting
Level: Level 1

Topic: Company Meetings and Resolutions
Series: APR 2022

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

Question

Required:

i) State THREE (3) qualification requirement for the appointment of company secretary as stipulated in the Companies Act, 2019 (Act 992). (6 marks)

ii) List THREE (3) offences and related legal wrongs that automatically disqualifies a fraudulent person from appointment as a director of a company. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Act 2019, Company Secretary, Corporate Governance, Director Qualifications
Level: Level 1

Topic: Company directors and other officers
Series: APR 2022

Question Tag: Companies Act 2019

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PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

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Question Tag: Companies Act 2019

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PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

You're reporting an error for "PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

You're reporting an error for "BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions"

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

You're reporting an error for "BCL – Apr 2022 – L1 – Q4a – Company directors and other officers"

PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies

Legal principles for advising on amending company objects for new business ventures and handling a cheque payable to a related company for crediting to a personal account.

You're reporting an error for "PBL – OCT 2022 – L3 – Q3 – Company Objects Amendment and Cheque Handling Policies"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions

Distinguish between Annual General Meeting and Extraordinary General Meeting of a company, detailing requirements and procedures for each.

You're reporting an error for "BCL – Apr 2022 – L1 – Q5c – Company meetings and resolutions"

BCL – Apr 2022 – L1 – Q4a – Company directors and other officers

Outline qualification requirements for company secretaries and disqualifying offenses for company directors under the Companies Act, 2019 (Act 992).

You're reporting an error for "BCL – Apr 2022 – L1 – Q4a – Company directors and other officers"

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